An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
It was quite a weekend!
ETH and DeFi altcoins made a sharp move higher over the past 24 hours. The current market setup: BTC$ is consolidating, and there is still enough fresh money to stabilise the price. This means that more advanced traders are starting to rotate some of their BTC gains into altcoins. Most of those coins have suffered a 50-80% loss over the past two months and are now quickly getting snapped up.
If you do not want to "stock pick" or you have a list ready (the list I have mentioned a few times in earlier market commentaries) then the easiest trade is a long position in ETHBTC. The pair already moved sharply over the past two days, but there is still room for further gains.
All Swiss-based traders running an inherent USD/CHF risk should keep an eye on the pair. It is flipping up and down at the 0.90 level.
And now for some politics. The election results might be in, but that does not mean that we will see a calm transition period. I would almost venture to say that we will definitely be seeing "blood in the streets" when good ol' "Donald" gets kicked out of the White House... Read more here.